Today's blog post shows the surge in the amount of capital that S&P 500 Index companies have committed to stock dividends and stock buybacks from 2009 to mid-2019. 

The last bear market in the U.S. concluded on 3/9/09, as measured by the S&P 500 Index. The last U.S. economic recession ended on 6/30/09, according to the National Bureau of Economic Research.  

As indicated in the chart, the S&P 500 Index increased its annual combined outlays (dividends + buybacks) from $332 billion in 2009 to $1.262 trillion in 2018, or an increase of 280%.

Combined outlays in the first half of 2019 totaled $606 billion (Q2'19 data is preliminary), roughly in line with 2018's pace that led to a $1.262 trillion full-year total.  

With respect to the 10 calendar years referenced in the chart (2009-2018), approximately 59% of the capital spent went to stock buybacks, while the other 41% was spent on dividends.

The total combined payout for the 10-year period ended 2018 was $7.942 trillion, according to S&P Dow Jones Indices.

Looking ahead, S&P Dow Jones Indices reported that consensus estimates for future S&P 500 Index buybacks are targeting a base amount of $170 billion per quarter, according to its own release. The all-time high was $222.98 in Q4'18. With respect to dividends, it estimates that the payout in Q3'19 could set an all-time high of around $122 billion.